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Discussion in 'Model 3: Ordering, Production, Delivery' started by bartekr, Aug 12, 2018.
Who, what rate and what length?
everence for 2.49% or allegacy FCU at 2.27% up to 66 months and 2.74 up to 75 months
You can start with those, doubt you beat them by much if going 5 years or longer on a loan
(Just a general comment that it would help if folks indicated their location and desired duration.)
I'm not actively looking yet, but I have a few bookmarks.
Xceed 36 1.75
Logix 36 2.24
Andrews 36 1.89
SF 23 0.99
Clearpath 48 1.49
...all "as low as", i.e. subject to discount terms, etc.
I financed @ Red Canoe Credit Union for 72 months at 3.74% $25,000 down, payments are $560/month.
Wow those are some great rates! I don't think I've seen any rates that low in SoCal.
EDIT: I just saw that Clearpath is in SoCal
I would consider financing if I could get a rate under 2% especially when online savings accounts are paying 1.75%-1.90%
Lightstream quoted me something like 3.69 for 60 months. A local credit union offered 2.09%. Had Lightstream beat it. Final rate is 1.99% for 60 months. First time I have used Lightstream. They reply very quickly via email (I never even spoke to them on the phone) and once everything was approved I had the money in my bank within a couple of days.
I got pre-approved yesterday for 1.49% for 60 months at FedChoice FCU (for civilian federal employees and contractors in the Wash, DC area).
Rates | FedChoice Federal Credit Union
I spoke to someone there today and asked her how long the pre-approval lasts. She told me they understand the variability with Teslas so don't worry about it.
I might end up using LightStream in the end to get another .1% off.
Assuming you needed to have a VIN before they would do anything?
Wow - was it hard to get them to match?
If you match it with Lightstream and they approve you for an unsecured loan (depending on your credit) then no you don't need a VIN for that.
I just finished becoming a member with FedChoice so can get the 1.49 rate and will try to match with an unsecured loan through lightstream once I get an approval. I have used Lightstream before (non-auto loan) and they were quick and easy not just to make payments but to make loan payoffs as well.
Awesome, thanks. I was originally planning on doing the same thing but I haven't found any credit unions that offer significantly better rates than Lightstream does (at least any that I am eligible to join). I may just apply to Lightstream and take advantage of the current rates before they are raised again.
I started my loan on last months wait with 1.74% @ 48 months with SDMCU. They're at 1.99% presently, terms and conditions apply.
Allegacy FCU @ 2.39 for 66 months.
Financial Partners Credit Union @ 2.24 for 60 months.
These were the rates I got prior to 08/03/2018. I believe the rates might have went up by .25.
I was able to secure a 3.44% rate for 60 months with Lightstream, without a VIN. I have 30 days to accept the quote. So at least I’m safe from the fed raising rates before I get my VIN.
This rate is one of the best I’ve been able to find - local credit unions that I am eligible to join all have mid to high 3% rates, and national credit unions all seem to be high 3s and low 4s. This is with a 820 credit score and only borrowing $20k. No idea how all these people are finding rates < 3% - if anyone knows of a local Colorado CU with better rates please let me know!
Fedchoice must have just gone up, because the link you sent shows 2.24% as the best rate?
There was a promotion for 1% off auto loans for new members. I originally found it on reddit somewhere.
That's helpful, thanks a lot. So were you able to complete the whole application and approval process without having a VIN and signed purchase agreement from Tesla? And did your approval show the 1.5% final rate?
I'm hoping to do the Lightstream rate match as well (mostly to get an unsecured loan, so I can just tell Tesla I'm cash and not deal with a financing scramble at the last minute).
But I'm wondering if I need a VIN and signed agreement to process the application with FedChoice and get approval.
I am also in Colorado and local rates suck.
I believe that Everence will lend to anyone nationally, so I was planning on getting the ball rolling with them once I got a VIN and then having Lightstream beat it with an unsecured loan.
Unsecured loan is much better all the way around, you will pay cash for the car, it becomes your property and you have the title in hand.
Nope, I just needed make; model; loan amount; and term. I got an instant confirmation page that said amount and rate approval and printed it to PDF. The email that followed did *not* have the rate.
I got a call the next day from a rep who asked if I was a fed or contractor and asked me to then fill out a membership app and send my $5 deposit.
Correct. 1% off auto loans for the first 30 days for new membership. They even sent it to me in a personal message the moment i was approved for membership. I still have the screenshot too....
Hey Federal Employees FedChoice Federal Credit Union (1) by wbhokie posted Aug 14, 2018 at 11:34 AM